Acquisition underscores Truist's commitment to financial wellness, technology innovation and diversity
CHARLOTTE, N.C., May 3, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it has acquired Long Game, the award-winning gamified finance mobile app that is changing the way people save, learn and engage with their finances. Long Game transforms how users engage with their bank by using prize-linked savings and casual gaming to motivate smart financial behaviors and driving new account growth and client retention for banks. Truist will leverage Long Game's innovative technology to help its clients build long-term financial wellness and advance its purpose to inspire and build better lives and communities.
"At Truist, we are laser focused on shaping the future of finance with innovative people and products – and democratizing entrepreneurial opportunity while we do it," said Vanessa Indriolo Vreeland, head of corporate development and Truist Ventures. "Long Game is a female-led business with a diverse team of incredibly talented innovators creating unique solutions to help people achieve financial confidence."
As part of the acquisition, Long Game's engineers, designers and business leaders will join Truist's growing Innovation team. Long Game Co-founder and CEO Lindsay Holden will lead a team of engineers, product managers and designers responsible for technology innovation and development of new client-centric solutions. The team will be based in San Francisco, CA.
"This acquisition is a critical component of a broader innovation strategy at Truist that will future-proof our core businesses and attract inventive and entrepreneurial talent to help deliver new and groundbreaking solutions," said Ken Meyer, CIO for Consumer Technology and Innovation at Truist. "We're incredibly excited to welcome Lindsay and the Long Game team as we roll out this strategy and create new and distinctive experiences for our clients."
Long Game's modern architecture is aligned with Truist's existing technology stack, which will increase client engagement, savings, and financial education, particularly among millennial and Gen Z populations. The technology is also complementary to Truist Momentum, a workplace financial wellness program that educates, equips and inspires employees to manage their money based on what matters most to them.
"Truist's commitment to help people build financial wellness is exactly what we are about at Long Game," said Holden. "We've revolutionized bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways."
About Truist Ventures
Truist Ventures is the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), a purpose-driven financial services company committed to inspire and build better lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures delivers unprecedented touch and technology to Truist clients through partnerships with, and investments in, innovative companies and exceptional management teams with novel solutions to help Truist shape the future of finance. Truist Ventures' investment focus stretches beyond traditional financial technology into adjacent, disruptive technologies that enable Truist to deliver a human touch in new ways. Leveraging Truist's extensive network of executive-level talent and industry experts in technology, investment banking, capital markets and innovation, the Truist Ventures team helps portfolio companies fulfill growth opportunities through unparalleled access to exceptional support. Alston & Bird LLP in Atlanta, Georgia represented Truist in this transaction.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
About Long Game
Long Game is a personal finance app that uses gamification to empower Gen-Z and millennials to develop healthy financial habits. The app uses best-practices from mobile gaming, and a behavioral economics strategy called prize-linked savings, to increase savings and financial education. Financial institutions today work with Long Game to add new customers, increase usage of their products, and promote financial literacy. Headquartered in San Francisco, California, the company was founded in 2015.
SOURCE Truist Financial Corporation